obama is backing, senate bill, still has taxpayers on the hook. big step forward you mentioned is that the private investor takes the first loss but -- >> in the senate bill. >> the president endorsed this week. there is some still role for taxpayers, unfortunately, and -- under the president's plan. but clearly, yes. step in the right direction. >> taxpayers are going to be at risk, paul in either plan. you look at the house bill and it gets rid of fannie mae and freddie mac but leaves something called the federal housing administration in place. and that's -- that's the fha. it is broke as of today. the house bill goes a long way to reform that institution. but as we learned from fannie and freddie when you put the government behind the mortgage market, even if you are paring it back it has a habit of coming back and biting you. the taxpayer backing tends to grover the years. >> james, the housing market started to come back across the country as the price is up about 12% according to case-schiller in the last year, 20 of the major metropolitan